In-depth country-focused analysis on Macedonia's economic, political and operational risk environment, complemented by detailed sector insight


Our comprehensive assessment of Macedonia's operating environment and the outlook for its leading sectors are formed by bringing together a wealth of data on global markets that affect Macedonia, as well as the latest industry developments that could impact Macedonia's industries. This unique integrated approach has given us an impeccable track-record for predicting important shifts in the markets, ensuring you’re aware of the latest market opportunities and risks in Macedonia before your competitors.

Country Risk

Macedonia Country Risk

BMI View:

Core Views

  • The risk of further political instability will remain high despite a breakthrough deal to resolve Macedonia's political crisis in July.

  • The economy will continue to benefit from strong German demand for Macedonia's manufactured goods exports, in addition to increasing evidence of a strengthening domestic recovery.

  • Public debt will rise in the next few years as the government adopts a more expansionary fiscal policy.

Major Forecast Changes

  • We have revised our fiscal deficit forecast for 2015 to 3.8% of GDP from 3.6% following the introduction of a supplementary budget in July. We see public debt rising to 44.0% of GDP this year, up from our previous forecast of 42.0%.


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Macedonia Industry Coverage (1)


Macedonia Telecommunications

BMI View:

BMI View : Macedonia's small size and saturated nature offer few growth prospects for new entrants and established players alike. This view is underscored by an acceleration in the consolidation process in 2014 and which will reach new heights in 2015 if the merger of VIP and ONE is permitted. We have divided opinions on this development: although consumer choice is diminished, it would create a stronger player capable of challenging the incumbent on pricing and service innovation. The cable TV sector would benefit from more consolidation, too. In short, though, the greatest returns on investment will be enjoyed only by largest and most established players. Newcomers would be advised to look to the services and content fields for investment opportunities.


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